The choice between buying or renting IBC totes can sometimes be a tough call. When one purchases their equipment it’s a one-time payment, allowing them an owner’s peace of mind. On the other hand, renting IBCs gives you the opportunity to fluctuate your inventory levels to your demand levels, always have current certifications on the totes and a managed plan, but comes with a monthly payment. So how do you choose which decision fits your company’s needs better? The decision usually comes down to a few factors after evaluating your company’s current situation, capabilities, floor spacing, and future plans.
1. Your Financial Situation
Buying IBC totes at a one-time purchase gives your company the ability to have complete control of managing your equipment in-house. The one time initial cost allows for more freedom in your budgeting, and it gives the owner an asset on the books which means write-offs and the option to sell the tote at later a date. This bodes well if your purchase isn’t based on a limited time frame project. Renting IBC totes is a lower initial investment especially if there is a varying need for a broad range of equipment. Renting IBC totes is a better option for your company if you are dealing with inconsistent project volumes, you may be lacking the man power to properly care for your equipment, or you simply need the financial breathing room to use that capital elsewhere in your business. By renting IBCs, you are often supplied with newer totes with the latest upgrades, if your rental agreement is coming from a premium IBC management system like Premier Container’s, it’s a guarantee your equipment will always pass inspections.
2. Fleet Management
When it comes to managing your IBC equipment consider what that entails. A purchased tote will require you to have the time and skills for basic care, maintenance, cleaning, certifications and asset tracking. Provided that you have purchased a fleet of totes, then having insurance for your equipment is also a strong consideration to keep in mind. For larger jobs, renting also allows for you to have the proper amount of equipment on hand when you need it. This flexibility to adjust inventory based on customer demand is a huge factor in saving money and workspace. The rental option also helps with organization and inventory control, having more IBCs than what you need after a large project is unnecessary waste and sometimes it’s a challenge getting the value of what you’ve paid, when selling back as used IBCs.
3. Custom Projects
Not all projects are exactly the same, on some occasions you may need customized totes to fulfill a project order. In these cases you may not have a choice but to purchase this equipment as opposed to renting. Custom IBCs allow for you not only to complete a specific project but it also prepares for your company to react to future unexpected projects or project schedules. Consider setting up a program with your IBC service supplier before taking projects that are a bit out of the norm if you plan to rent custom IBCs.
About Premier Container
Premier Container provides complete IBC management where customers can expect high quality tote cleaning services, rental, sales and customized solutions. We take pride in setting a standard of excellence with every IBC we work with. We have totes in stock ready for immediate shipment, rental or purchase.
